The aerosol optical depth (AOD) is known to be a critical input for radiation modeling purposes, and partially determines the accuracy of modeled direct normal irradiance (DNI) and global horizontal irradiance (GHI). This contribution examines to what extent time variations in AOD also determine the observed variability in DNI, particularly at the daily and longer time scales. Two measures of variability are introduced: the Aerosol Variability Index (AVI) characterizes the magnitude of the variability in AOD over specific periods, from daily to yearly, whereas the Aerosol Sensitivity Index (ASI) relates the magnitude of relative variations in irradiance to absolute variations in AOD. AOD measurements at 180 Aeronet sites over the world are used to obtain clear-sky irradiances with the REST2 radiative model, as well as determinations of ASI and AVI. Large geographic variations exist in AVI, whose largest values are found over western Sahara. The variations of ASI follow a different pattern because it decreases when AOD increases. The variability in GHI is typically 2-4 times lower than that in DNI. On a long-term basis, the normal aerosol-induced variability in DNI is less than +/- 5% at most sites, but some areas might experience a much larger variability, comparable to that created by large volcanic eruptions. The latest such events predate most current modeled DNI or GHI datasets, making resource assessments potentially too optimistic for bankability if based on such limited data series alone. (C) 2012 Elsevier Ltd. All rights reserved.